If you have been considering getting life insurance, then you may be wondering if it is actually worth it. You may think you are too young, or you may even think you are too old. You may wonder if anyone would benefit from you having life insurance.

There are obviously many things to consider. And while many people ask at what age they should consider life insurance, there is no concrete answer. Getting life insurance will depend entirely on your situation.

In your twenties

If you’re in your twenties, it’s unlikely life insurance is your top priority. You may worry about getting a good degree, getting and keeping a job, or paying the bills month to month, or you might just worry about how to get rid of a hangover and that awful curry stain on the carpet in your rental apartment.

However, there are many reasons why you could need life insurance in your twenties. If you buy a house or start a family, then having life insurance should definitely be on the agenda. If you have huge student loans or credit card debts, then life insurance could also be a good idea.

This could mean a payout to help cover bills such as funeral expenses, and it could keep your family afloat during tough times when you’re no longer there to provide an income.

When you buy a house

Again, when you make a big purchase like a house, you need to protect those you may leave behind from the financial burden of your mortgage. A life insurance payout could help to pay off your mortgage, leaving your family with less financial stress.

When you start accruing certain debts

Debt can often be a part of life, but unfortunately, it can be left to your family to pay off your debt should you reach an untimely demise. This could mean student loans, credit card debts, car loans, personal loans, and so on, all left unpaid. Life insurance could help cover these costs and pay off debts.

When you have people that depend on you

While we have already talked about children depending on you financially, there can be other people who depend on you as well. This could be a non-working partner, an elderly relative, or someone who needs specialist care or medical treatment. The loss of your income could cause problems to these people who rely on you, and getting life insurance could mean their financial protection is assured.

Whatever your age or situation, it could be worth finding out more about life insurance. Life insurance policies can be adjusted and tailored to suit your budget, and to suit your needs. Find out more about life insurance Australia with Suncorp, by visiting their website, or calling up one of their friendly customer service agents.

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEEDor EMAIL updates. You can also find me on TWITTER
and FACEBOOK
. Happy investing 🙂

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEEDor EMAIL updates. You can also find me on TWITTER
and FACEBOOK
. Happy investing 🙂